Mon, Nov 07, 2005 - Page 10 News List

Officials promote futures market in US

CNA , LOS ANGELES

A business promotion group from the Taiwan Futures Exchange (TAIFEX) hosted an explanatory meeting in Los Angeles on Saturday on the country's futures market, with a large number of potential investors participating.

During the meeting, TAIFEX General Manager Ho Fu-hsiung (何富雄) gave a briefing on new measures concerning calculation of product prices in US dollars to be carried out in TAIFEX and details on Taiwan opening up its futures market to foreign investors.

The government has decided to open up the futures market to foreign investors at the start of next year, Ho said, adding that overseas Taiwanese, as well as foreign institutions and nationals in Taiwan, will be allowed to engage in trading.

Describing the move as a far-reaching reform, Ho said the measure is expected to expand the scale of the market and speed up its internationalization.

He further said he is confident that the measure, coupled with calculating product prices in US dollars, will inspire more overseas investors to participate in the domestic futures market.

Since its establishment in 1998, TAIFEX has seen a noticeable growth in contract transaction volume, with its international ranking jumping to 18th spot among 123 international derivative exchanges in July this year, according to Ho. The contract transaction volume for its major derived product "Taipei stock index option" ranked third globally among similar derivatives.

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